Botanix Labs, an innovative startup focused on Bitcoin's potential in decentralized finance (DeFi), recently secured $8.5 million in a seed funding round. This investment will support the development of Spiderchain, their novel Bitcoin-native Layer 2 solution, and expand their operations.
About Botanix Labs
Founded by Harvard alumni and led by Belgian inventor Willem Schroé, Botanix Labs is committed to advancing Bitcoin's infrastructure. Their flagship project, Spiderchain, is designed to integrate Ethereum's versatile applications directly onto Bitcoin’s robust and secure network.
Funding Details and Future Plans
This latest investment, led by Polychain Capital with participation from Placeholder Capital, Valor Equity Partners, and others, follows a $3 million pre-seed round. Botanix Labs intends to use the funds to enhance its development team and progress Spiderchain's capabilities from testnet to mainnet.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Botanix Labs | May 7, 2024 | $8.5M | Seed | $8.5M | Polychain Capital | DeFi, Bitcoin, Web3 |
Spiderchain: A Unique Bitcoin Layer 2 Solution
Spiderchain distinguishes itself by operating fully on the Bitcoin network, using decentralized multi-sigs to secure and manage transactions, rather than relying on wrapped assets or separate blockchains. It aims to enable the direct use of Bitcoin for complex applications and smart contracts currently prevalent in the Ethereum ecosystem.
Website: https://www.botanixlabs.com
Twitter Account: @BotanixLabs
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Investor Profile
Investor: Polychain Capital
Description: A leading venture capital firm focused on next-generation blockchain technologies.
Location: San Francisco, CA
Website: https://polychain.capital/
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